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USDJPY: Elliott wave analysis and forecast for 20.01.2023 – 27.01.2023
Main scenario: consider short positions from corrections below the level of 131.48 with a target of 125.35 – 121.52. Alternative scenario: breakout and consolidation above the level of 131.48 will allow the pair to continue rising to the levels of 134.92 – 138.24. Analysis: the upward third wave of larger degree (3) finished developing on the daily chart, with wave 5 of (3) formed as its part. A descending correction appears to continue developing as the fourth wave (4) on the H4 chart, with wave C of (4) forming as its part. The third wave of smaller degree iii of C appears to be developing on the H1 chart, with ... (full story)